The three-month moving average of the index edged slightly lower from -0.27 in July to -0.28 in August. Values under -0.70 suggest that the economy might be in a recession. While this figure is not within the threshold for a recession, it is the fifth consecutive month that the three-month moving average has been below trend. Clearly, these numbers confirm what many of us have been saying for a while; the U.S. economy remains stuck in neutral.

There are currently 6.6 months of supply on the market â€“ a figure that has been virtually unchanged since April. The current median home price is $217,900.

Overall, the picture for new home sales mirrors the larger housing market. Last week, for instance, the Census Bureau noted declining housing starts in August, with the overall market remaining quite depressed. Even with extremely low interest rates, new and existing home sales have been unable to gain any traction. This presents both a cyclical and structural economic challenge for manufacturers moving forward.

Chad Moutray is chief economist, National Association of Manufacturers.